without rest. Treasury bills don’t stop rising and reveal the salary. deposit offered by the major Spanish banks. At this Tuesday’s auction of these 12-month games, 3.804% marginal interest, compared to 3,490% of the previous auction. The average interest rate was 3,775%.
And in one of the letters to six months, marginal profitability reached 3,629%, over 3.392 percent of the previous number. The average interest rate was determined as 3,599%. In both cases, the levels of over a decade ago (summer 2012) were reached.
The profitability of this public debt far exceeds its annual rate of inflation. 1.9% in JuneAccording to the advanced consumer price index (CPI) data released by the National Institute of Statistics last week, it is 3.2% compared to the previous month.
In every situation, Core inflationexcluding the most volatile factors such as unprocessed food and energy prices, the most structural is 5.9%. The return on the CPI exceeds the return on other assets considered safe or conservative. depositExcept for small and medium businesses that offer even 4%.
Much of this Tuesday’s auction focused on one-year public debt issues. Treasury sold The demand for 12-month Treasury Bills amounting to 4 billion 237.78 million euros exceeded 5 billion 500 million.. Meanwhile, those rewarded for six months EUR 1,030.73 million compared to more than 1,600 million requests.
special request
in total In response to more than 8,000 million requests, it allocated 5,268.51 million euros in six and twelve monthly invoices.with great weight individualsgaining ground as public debt investors in the face of the meager interest rates offered by the big banks. last March, Individuals accounted for approximately 15% of treasury bond holderscompared to 10% the previous month and 0.02% a year ago when interest rates were negative.
Profitability rises on top of the auction as the European Central Bank (ECB) raises interest rates from 0% to 4% in one year. As long as the price of money continues to rise, this short-term public debt (up to 12 months) will continue to gain traction and could reach 4% if this trend continues.
In fact, analysts are waiting for the euro zone’s monetary authority to approve new increases once again in the coming weeks, and if they do, they are not assumed to fall right after.
ECB President Christine Lagarde herself admitted inflationStruggled by raising interest rates remains high. The Bank for International Settlements (BIS), which brings together the main central banks, also estimates that the hardest part remains to stop the rise in overall prices.